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Old Stone Escrow Services

Old Stone Escrow Services

(216) 505-9489

Old Stone Escrow Services

127 Public Square, #2014
Cleveland, OH 44114
Fax Numbers
  • (216) 674-6033
Additional Phone Numbers
  • (312) 883-9951
Additional Email Addresses
  • escrow@oldstoneescrow.com
BBB File Opened: 03/10/2017
Business Management
  • Benjamin
  • Mr. Mason D. Boyer, Broker
  • Mr. Richard Cohen, Designated Escrow Officer
  • Mr. Thomas George, Broker
Business Category
  • Escrow Services
Alternate Business Names
  • Midwest General Equity Partners (aka MGEP)

Alert

See review for details

Out of Business

According to information in BBB files, it appears that this business is no longer in business.

Mail Returned

Mail sent to the business on 04/09/2018 was returned by the U.S. Postal Service as Undeliverable as Addressed.

Overview

This company first came to Cleveland BBB's attention in March of 2017.  At that time an Oregon man reported receiving an unsolicited phone call with an offer to purchase his timeshare in Mexico for three times the amount originally paid.  The paperwork was to be handled by this company, Old Stone Escrow Services, who worked with another affiliate company, Midwest General Equity Partners.  He was asked to wire-transfer $1675 but decided against doing business with the parties.

Since that time other consumers across the country have reported similar experiences. 

A Minnesota man reported paying $2475 by wire-transfer while a New Hampshire woman reported paying $1898.00 by wire-transfer.  Both consumers reached out to BBB after the company, Old Stone Escrow Services, asked that additional funds be sent.

The website, www.oldstoneescrow.com, and documents obtained by BBB indicate this company, Old Stone Escrow Services, is located in Cleveland, Ohio.  

The website, www.midwestgeneralpartners.com, and documents obtained by BBB indicate the other company, Midwest General Equity Partners, is located in Chicago, Illinois.

Both sites, www.oldstoneescrow.com, and www.midwestgeneralpartners.com, were created on the same date, 01/25/17, have a 1 year expiration and are registered to an address in Australia.

BBB was unable to locate any business filings for either company listed with the Ohio or Illinois Secretary's of State.  

The leasing company of the Cleveland address listed on Old Stone Escrow Services' website has also confirmed they have no such tenant.


BBB and the Federal Trade Commission (FTC) advise consumers to proceed cautiously before allowing someone to sell their timeshare.  

     * Check them out before you agree to pay them any money.  

     * See if the state Attorney General, local consumer protection agencies, or the Better Business Bureau in the company’s home state have complaints about them on file. 

     * Search the company's name online with the words “complaints” or “scam.”

     * Deal only with licensed real estate brokers or agents.

     * Check with the Real Estate Commission in the state where your timeshare is located to make sure the company has a current license.

     * Deal only with licensed escrow companies.  Check with the Department of Insurance in the state where the escrow company is located to make sure the company has a current license.

     * Get all terms in writing before you agree to anything. That includes services the company will perform; timing of the sale; fees and commissions; and cancellation and refund policies. 

     * Remember, if a company says you have to act now or you might miss out on a buyer, it’s not a company you want to do business with.
 
     * Consider doing business only with a company that gets paid after the timeshare is sold.  

     * Never wire money or pay in cash.

     * Be alert to a repeat scam. If a company offers to help get your money back from a timeshare resale scam  but wants you to pay them before they do anything for you, walk away. This is a classic setup for another scam.


This review will be updated as more information becomes available.

BBB Reason for Ratings

BBB rating is based on 13 factors: Get the details about the factors considered.

Based on BBB files, this business has a BBB Rating of No Rating. The reason is as follows:
This business has no rating because BBB has information indicating it is out of business.

Licensing information is provided in the BBB Business Profiles to inform the public about industries that may require professional licensing, bonding, or registration. Better Business Bureau encourages you to check with the appropriate agency to be certain any requirements are currently being met.
BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to substantiate their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.
BBB reports on known significant government actions involving the business's marketplace conduct.
BBB reports on a company that is out of business for one year from the date the company closes its doors or ceases to do business.
BBB reports on unauthorized use of the Better Business Bureau's name and/or logo for as long as the business continues to use it in any advertising, or for one year after the business ceases any repeated unauthorized uses.
BBB reports on a business’s bankruptcy as long as the business remains in bankruptcy.
BBB reports when mail sent to the business was returned by the Postal Service.

Old Stone Escrow Services

This Business Is Not BBB Accredited

Old Stone Escrow Services

Customer Review Rating:

100%